Finucane Manufacturing Inc. owns a large factory building that it purchased in 2016. At the time of purchase, the company decided to apply the revaluation model to the property;

the first revaluation occurred on December 31, 2018. On January 1, 2019, the recorded cost of the building was $1,200,000, and the accumulated depreciation was nil, as the company applies the revaluation model by eliminating accumulated depreciation. The balance in the revaluation surplus account on January 1, 2019, was $150,000. As well, the company decided on this date to obtain annual appraisals of the property in order to revalue it at every reporting period. The appraised values obtained over the next three years were as follows:

Required: Prepare all the required journal entries for this property for the years ended December 31, 2019 to 2021. Assume that the building is depreciated on a straight-line basis over 30 years with no residual value. Also assume that the company does not make annual transfers from the revaluation surplus account to retained earnings.

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Date Appraised Value December 31, 2019 $1,250,000 December 31, 2020 $1,000,000 December 31, 2021 $1,150,000